And other competing Distributors are starting to talk about...

And other competing Distributors are starting to talk about overstocked positions.

There is a growing glut of consumer / business devices available from laptops, monitors, peripherals (mice, keyboards, headsets), SOHO printers. Christmas wasn't the off-the-charts spending boom expected. Most of the Distributor stocking was ordered in Q1 / early Q2 '22 (when supply shortages till very much existed) for sea shipping around Sept / Oct (just as supply normalised) with arrival into Australia for late Oct / early Nov.

Distributors around the world have been caught with too much stock.

Now ... Some enterprise grade kit e.g Cisco, Aruba, Poly, HP is still in short supply but that is quickly returning to normal (in particular where redesign hasn't been completed yet).

Majority of companies have gone through a redesign phase to incorporate new and readily available chipsets. This has taken the pressure of legacy product and accelerated supply of next generation devices.

2023 is already showing signs of a slowing in demand.

Enterprise customers have brought forward many years of technology h/w send and now are digesting what they have. The supply pressure is off.
IT spend will decrease in 2023. S/w spend will increase.